Financials China CSSC Holdings Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
37.99 ^CNY	-0.68%		+4.08%	+29.04%

Apr. 26	China CSSC Holdings Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 16	China’s Shipbuilding Output Rises 12% in 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,988	79,117	110,872	99,646	131,668	169,908	-	-
Enterprise Value (EV) ¹	22,968	79,117	110,872	99,646	131,668	169,908	169,908	169,908
P/E ratio	75 x	253 x	496 x	557 x	44.6 x	31.9 x	19 x	16.1 x
Yield	-	-	-	0.09%	0.68%	1.07%	1.1%	2.01%
Capitalization / Revenue	1.3 x	1.43 x	-	1.67 x	1.76 x	2.04 x	1.82 x	1.68 x
EV / Revenue	1.3 x	1.43 x	-	1.67 x	1.76 x	2.04 x	1.82 x	1.68 x
EV / EBITDA	22.3 x	-	-	36.2 x	24.5 x	19 x	12.5 x	10.9 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.95 x	-	-	2.17 x	2.72 x	3.23 x	2.77 x	2.56 x
Nbr of stocks (in thousands)	1,378,118	4,472,429	4,472,429	4,472,429	4,472,429	4,472,429	-	-
Reference price ²	21.76	17.69	24.79	22.28	29.44	37.99	37.99	37.99
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,136	55,244	-	59,558	74,839	83,247	93,205	101,385
EBITDA ¹	1,342	-	-	2,751	5,384	8,936	13,637	15,653
EBIT ¹	612.1	-	-	412	2,994	5,626	11,772	11,347
Operating Margin	2.65%	-	-	0.69%	4%	6.76%	12.63%	11.19%
Earnings before Tax (EBT) ¹	559.5	-	-	2,173	3,022	5,856	12,182	11,577
Net income ¹	404.8	-	213.8	171.9	2,957	5,319	8,947	10,545
Net margin	1.75%	-	-	0.29%	3.95%	6.39%	9.6%	10.4%
EPS ²	0.2900	0.0700	0.0500	0.0400	0.6600	1.190	2.000	2.360
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	0.0200	0.2000	0.4050	0.4167	0.7650
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	7,019	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2.66%	-	0.47%	0.37%	6.29%	10.7%	15%	16.2%
ROA (Net income/ Total Assets)	-	-	-	0.11%	-	2.97%	4.14%	4.99%
Assets ¹	-	-	-	161,414	-	179,082	216,101	211,318
Book Value Per Share ²	11.20	-	-	10.30	10.80	11.80	13.70	14.80
Cash Flow per Share ²	0.2400	-	-	-0.0100	4.070	2.140	4.440	2.550
Capex ¹	498	-	-	1,204	2,412	4,643	6,631	4,627
Capex / Sales	2.15%	-	-	2.02%	3.22%	5.58%	7.11%	4.56%
Announcement Date	4/17/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37.99 CNY

Average target price

40.2 CNY

Spread / Average Target

+5.82%

	1st Jan change	Capi.
CHINA CSSC HOLDINGS LIMITED	+29.04%	23.51B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+24.70%	16.25B
HANWHA OCEAN CO., LTD.	+26.10%	7.08B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+7.44%	6.71B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+27.61%	6.17B
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+15.44%	5.02B
SEATRIUM LIMITED	-25.42%	4.43B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+18.23%	3.96B
COCHIN SHIPYARD LIMITED	+81.65%	3.87B
HD HYUNDAI MIPO CO.,LTD.	-10.13%	2.22B